Visa, Master, CUP, JCB to come into Myanmar
Myanmar has awarded the permission for international credit cards to offer services in the cash-based country, said local media.
New Light of Myanmar reported on Oct 18 that the Ministry of Finance and Revenue has allowed the introduction of Visa, MasterCard, China UnionPay (CUP) and Japan Credit Bureau (JCB).
The ministry said that this is the latest reform in the monetary and banking system. The credit card system would be operated by member banks of the Myanmar Payment Union, through their branch and ATM network. The Central Bank of Myanmar will take care of clearing.
To date, most transactions in Myanmar are made in cash.
